The U.S. Census Bureau has announced that total construction spending during the month of March was estimated at a seasonally adjusted annual rate (SAAR) of $1,360.5 billion, 0.9% above the revised February estimate of $1,348.4 billion. The March figure is 4.7% above the March 2019 estimate of $1,299.1 billion. During the first three months of this year, construction spending amounted to $297.0 billion, 6.7% above the $278.5 billion for the same period in 2019. Private construction spending was at a SAAR of $1,012.5 billion, 0.7% above the revised February estimate of $1,005.8 billion. Residential construction was at a seasonally adjusted annual rate of $550.3 billion in March, 2.3% February estimate of $537.7 billion. Nonresidential construction was at a SAAR of $462.3 billion in March, -1.3% below the revised February estimate of $468.2 billion. In March the estimated SAAR of public construction spending was $348.0 billion which is 1.6% above the revised February estimate of $342.6 billion.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.